Required information [The following information applies to the questions displayed below.) Complete the following questions by preparing worksheet and journal entries given below. The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $46,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 42,000 72,000 62,000 170,000 160,000 $ 506,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital $ 182,000 42,000 110,000 42,000 130,000 $ 506,000 Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Loss Step one balances Loss Step two balances